Carriage Services (CSV) Reports Strong Q1 2025 Growth

By Bobby Samwell • Thursday, May 01 06:06 • Permanent Link

Carriage Services, Inc. (NYSE: CSV) recently released its financial results for the first quarter ended March 31, 2025, showcasing notable growth and improvements across various metrics compared to the same period in the previous year.

Key financial highlights for the first quarter of 2025 include a 3.5% growth in total revenue, reaching $107.1 million, and a remarkable 200.1% increase in GAAP net income, amounting to $20.9 million. The company's GAAP diluted earnings per share (EPS) also saw significant growth, reaching $1.34, while adjusted diluted EPS stood at $0.96, reflecting a 28.0% increase compared to the prior year quarter.

Carriage Services reported a 4.6% increase in comparable funeral home revenue, driven by a 2.4% increase in funeral home at-need volume and a 2.2% increase in average revenue per at-need contract. The company also divested non-core assets for proceeds totaling $18.7 million, contributing to a reduced leverage ratio of 4.2x from 5.0x compared to the same period last year, as the company paid down $17.0 million of debt on its credit facility during the first quarter.

In terms of operating metrics, the company experienced a 2.3% increase in the consolidated average revenue per funeral contract, along with a 0.7% increase in consolidated funeral contract volume. Additionally, the 11.8% increase in the consolidated average price per preneed interment right sold contributed to the overall growth in total revenue.

Looking ahead to the full year 2025, Carriage Services anticipates total revenue to range between $400 million and $410 million, with adjusted consolidated EBITDA projected to reach $128 million to $133 million, and adjusted diluted EPS expected to be in the range of $3.10 to $3.30.

The company's financial discipline and strategic execution have been key drivers of its strong performance, as highlighted by Carlos Quezada, Vice Chairman and CEO, who emphasized the company's focus on the execution of strategic objectives to deliver value for shareholders.

The market has reacted to these announcements by moving the company's shares -1.0% to a price of $39.96. Check out the company's full 8-K submission here.

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